Electrum continues copper exploration in Serbia
Executive Summary
- Electrum Discovery provided a comprehensive operational update, highlighting significant inferred resources at Novo Tlamino (7.1 Mt @ 2.5 g/t Au and 38 g/t Ag) and outlining extensive drilling plans for Barje and Timok East.
- The company announced the grant of 1 million incentive stock options to two new directors, exercisable at $0.13 per share, vesting over time and expiring August 25 2030.
- Management reaffirmed a dual‑focus strategy on gold‑silver expansion (Novo Tlamino) while maintaining copper‑gold exploration at Timok East, targeting near‑term catalysts such as infill/step‑out drilling, metallurgical testwork, and resource updates.
Key Details
- Novo Tlamino – Barje Deposit:
- Inferred resource of 7.1 Mt grading 2.5 g/t Au and 38 g/t Ag (≈670,000 oz AuEq) per 2021 PEA.
- Historic drill intercepts include:
- 2 m @ 23.88 g/t Au & 340 g/t Ag (hole BAR002)
- 30 m @ 5.45 g/t Au & 25 g/t Ag (hole BAR006)
- 9 m @ 14.17 g/t Au & 58 g/t Ag (hole BAR006)
- 12 m @ 3.37 g/t Au & 12 g/t Ag (hole BAR007)
- 6 m @ 13.49 g/t Au & 788 g/t Ag (hole BAR010)
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2021 PEA Economics: Pretax NPV (8 % discount) $101 M; IRR 49 %; gold price $1,500/oz, silver $16.50/oz.
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Planned Drilling Programs:
- Barje: ~3,200 m infill drilling to upgrade resource category.
- Barje: ~1,000 m step‑out drilling to test southern and eastern extensions.
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Timok East: Follow‑up surface geochemical surveys and targeted geophysical work across Western Mag, Bambino trend, Limestone Contact anomalies.
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Camp‑Scale Exploration: 400 km² contiguous land package in the Serbo‑Macedonian metallogenic belt; priority targets include Karamanica (gold‑in‑soil anomaly) and Jube Jube (gold‑bearing rock chips).
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Stock Option Grant:
- 1,000,000 incentive stock options granted to new directors Michael Williams and John Anderson (500,000 each).
- Exercise price: $0.13 per common share.
- Vesting requirements apply; expiration date August 25 2030.
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Granted under the company’s rolling stock option plan approved by shareholders and TSX‑V.
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Management Commentary: CEO Dr. Elena Clarici emphasized leveraging strong precious‑metals markets to advance gold strategy, while maintaining disciplined copper exploration at Timok East.
Notable Quotes
“With precious metals markets gaining strength, we believe now is the right time to bring forward our gold strategy… This balanced approach positions Electrum to unlock value from both gold and copper assets.” – Dr. Elena Clarici, CEO
All technical information reviewed and approved by Thomas Sant, BSc, FGS, CGeol, EurGeol (non‑independent qualified person, NI 43‑101).